Describe different ways you would monetize a laundry business in Manhattan.

About

This solved interview question shows how to structure your analysis and deliver an answer to a monetization question during the interview.

Evaluation

Here is how the interviewer will evaluate your answer:

• Do you identify a clear monetization goal?
• Do you identify the best segments to target?
• Do you explore and prioritize which segment needs are monetizable?
• Are your monetization ideas creative and effective?
• Are you structured and clear in your communications?

Answer Structure

Below is an approach that will help you analyze and answer this interview question in a structured way.

Clarify

Ask questions to help narrow the options for monetization based on context.

Set a Goal

Define your objective in finding a monetization model. Is it to lower investment risk, minimize product/service changes, maximize margins, or achieve another goal?

Identify a Segment

Use different attributes to define segments, such as income, job type, and lifestyle. Then, prioritize a persona representing a cross-segment of the various groups. Your prioritization criteria could be the size of the group, their willingness to pay, or any other reason that will help you identify the most monetizable segment.

Use Cases and Pain Points

List different use cases or situations where people may need the product. Think of the where, when, what, and why, such as:

• Where is the user when they need the product or service?
• When does a user need the product or service?
• What is the user doing when they need the product or service?
• Why does the user need the product or service?
• Then list specific pain points or problems within those scenarios that are monetizable.

Brainstorm Monetization Ideas

Think of different schemes to monetize the various pain points. Some methods could be offering premium services/products, complimentary products or services, leveraging partnerships, diversifying your products or services, introducing a new revenue model, or introducing alternative business models.

Prioritize

Prioritize the monetization model that aligns with the monetization goal and is more profitable.